How big was the fridge??!!
You damaged the owners floor and should repair it so claim it as a repair. I assume that a spot repair would be unacceptable to the landlord due to not being able to match materials to the exisiting floor and this is therfore the reason the whole floor must be done.
Dividends & salary
Assuming the company is the only or main source of income the optimum position is to pay a director's salary of £475 per month = no NIC & still qualify for Basic State pension.
Net dividend per month = £2,805 x 12 = £33,660 net = £37,400 gross [= limit of Basic rate band].
This leaves £775 [ Personal allowance £6,475 less Salary £5,700] to use against bank interest & other small dividends received.
If there is an incorporation of a business involved there should have been a Goodwill figure transferred to the company by the director[s] which can be used for "drawings" above the dividends until exhausted.
Reporting property income
The tax yield on £2,500 net rents is "only" £500 per annum !!!
It seems that it is not worthwhile setting up a Self Assessment record to collect this where otherwise there would be no requirement for a SA return. Perhaps they would need too many extra staff to cope with the additional work.
However if you are already submitting a SA tax return then you will declare the income & pay the tax.
With the interest being so "low" many of these property owners will now be receiving in excess of £2,500 net and must make a declaration now. One assumes that when the interest rates increase and the net rents fall below £2,500 HMRC will not be issuing letters stating that no further SA returns are required once the SA record has been set up.
There is also the mistaken belief in the general population that all monthly mortgage/loan payments reduce the taxable rents even if the loan is repayment of capital & interest.
Risk & SecurityI would imagine that the risk assessment will also include checking for fraud by HMRC staff.
No return confusionThe thing is that the clients only see the words " ... and do not propose to send you returns in the future." and read no further. You then have to persuade them that HMRC is wrong and that they will in fact be charged a fee for the proper completion and submission of their self-assessment tax return.
And on the subject of vanishing 64-8's [and therein lies a whole cart load of comments]. No UTR .. No electronic lodgement.. panic on 31 January !!
How long is a piece of string ?There must be a 1001 ways to value the goodwilll of a business [assets, earnings, local competition, specialist market etc. etc.]Goodwill is the fair value payable to a willing seller in an arms length transaction by an informed and willing buyer. Having said that, your clients usually have a good idea how much they think their business is worth, and you can usually find a formula which will fit in with the asset value and/or earnings before tax and interest and your client's sense of worth.
Mistaken identityMy name is Sasha Baron Cohen. I was on my way back from the wardrobe department when this lot hijacked me.
Pension heavenIn my left hand I have the amount you will be paying for my pension every 10 minutes. In my right hand I hold a small goldy-coloured metal thingy.
Mission ImpossibleYour mission, Sir Fred, should you choose to accept it, is to turn the bank into a profit making company. This mobile telephone will self-destruct in ten seconds. In the event of failure on your part, you will be hunted down and stripped of your pension.
[Will he have realised by now that he only has five seconds left to open the window and throw the telephone at the reporters ?]
CaptionOh God !!! Please don't rain !!!